Zcash (ZEC) is a cryptocurrency that uses zk-SNARK zero-knowledge proof technology focused on privacy and anonymity. It was founded in 2016.
The coin soared more than 12% on Tuesday after GrapheneOS, a nonprofit open-source project focused on privacy and secure mobile operating system, said it now accepts Zcash.
Currently, the firm has 869,039 ZEC holders. GrapheneOS also accepts donations in Bitcoin, Monero, Paypal, Interac e-Transfer, and Github sponsored credit cards.
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Who founded Zcash (ZEC)?
Zcash was founded by Zooko Wilcox-O’Hearn, who also created the Electronic Coin Company (ECC) which manages the development of Zcash. Wilcox-O’Hearn has extensive experience in cryptography and information security.
ZEC transactions can be performed in two ways: transparent and protected.
Transparently, the transaction is done in the same way as for other cryptocurrencies where public addresses are visible.
In Transaction Shielded, ZEC uses zk-SNARK zero-knowledge proof technology to enable anonymous transactions on the immutable public blockchain.
Although processed through a public blockchain, ZEC transactions do not reveal the sender or recipient address or the amount transferred by default. Details of the company’s transaction are disclosed for regulatory compliance or audit purposes only.
Zcash’s unique solutions provide users with complete anonymity.
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Data Source: Coinmarketcap.com
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How do other cryptocurrencies work?
For other cryptocurrencies, the user’s identity does not remain anonymous. Identity is provided on the Internet with a pseudonym or address.
For example, the identity of Bitcoin users can be seen by anyone on the Internet. Their identities can be revealed by tracing transactions via blockchain forensic.
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Zcash’s protected feature provides users with complete privacy, which is rare in other blockchain transactions. It affirms users’ right to privacy in the area of decentralized digital assets.
Due to its privacy features, people show immense interest in ZEC coins to send and receive money.
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On the other hand, GrapheneOS develops applications and services focused on privacy and security. The company’s open-source project doesn’t use apps like Google Play or microG. On March 4, Electric Coin Co. (ECC) announced the appointment of its new Head of Communications and Community, Ian S. In a recent tweet, he said he had sent CitizenDAO PEACE bond proceeds to aid organizations for victims of the war in Ukraine.
The coin is currently available for purchase on Binance, ByBit, OKX, Bitget, and Phemex.
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Zcash’s price rose 12.75% to US$126.93 as of 9:13 a.m. ET on Tuesday.
The coin, ranked 52nd on coinmarketcap.com, has a market capitalization of US$1.7 billion. The volume of the coin has increased by around 81.45% in the last 24 hours till Tuesday morning.
The ZEC has a circulating supply of 13.9 million ZEC. Its maximum supply is 21,000,000. The coin is supported by more than nine wallets, including MetaMask, Ledger, Math Wallet, Coinbase, etc.
The crypto market is volatile. Therefore, investors should do their due diligence before investing in digital assets.
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